ISLANDIA, N.Y., Nov. 5, 2012 (GLOBE NEWSWIRE) -- Gold Coast Bank, known as Long Island's Community Banksm, announced today profitable third quarter results for 2012, marking its ninth consecutive quarter of profitability since opening March 2008.
Gold Coast Bank's profitable third quarter and year-to-date results for 2012 are attributed to a number of noteworthy gains achieved by the bank, which include:
- Net Income was $326,000 for the quarter ended September 30, 2012 as compared to $236,000 for the quarter ended September 30, 2011, which included $245,000 of securities gains. Core earnings (pre-tax earnings excluding securities gains) for the third quarter of 2012 were $199,000 compared to a pre-tax loss of $9,000 for the third quarter of 2011.
- Net income was $876,000 for the nine months ended September 30, 2012 as compared to $732,000 for the nine months ended September 30, 2011, which included $818,000 of securities gains. Core earnings (pre-tax earnings excluding securities gains) for the first nine months of 2012 were $546,000 compared to a pre-tax loss of $86,000 for the first nine months of 2011.
- Total Assets of $191 million at September 30, 2012, an increase of $44 million, or 30% from $147 million at September 30, 2011.
- Total loans outstanding of $121 million, an increase of $47 million, or 64% from $74 million in the third quarter of 2011. Loan originations and draws for the third quarter of 2012 were $17 million, an increase of $11 million, or 166% compared to the third quarter of 2011. Loan originations and draws for the first nine months of 2012 were $59 million, an increase of $39 million, or 200% compared to the first nine months of 2011.
- Total deposits of $171 million, an increase of $43 million, or 33% from $128 million at September 30, 2011. In addition, 41% of deposits at September 30, 2012 are demand deposits compared to 46% at September 30, 2011.
- Continued Strong Asset Quality: Allowance for loan losses was 1.21% of total loans at September 30, 2012. The bank had no nonperforming loans at September 30, 2012.
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Well Capitalized at September 30, 2012:
-- Tier 1 Leverage Capital of 9.8%.
-- Tier 1 Risk-Based Capital of 14.0%
-- Total Risk-Based Capital of 15.1%
"I am proud to acknowledge that Gold Coast Bank was ranked one of the 359 safest banks in America by Investing Answers," stated Gold Coast Bank President and Chief Executive Officer Joseph G. Perri. "Thanks to our financial strength and profitability over the past five years, we have been able to expand our branch network into Nassau County with the opening of our Mineola location at 210 Old Country Road. We have also upgraded our internal operational systems and key cash management services. All of these initiatives have enabled us to provide greater services for our current customers as well as the opportunity to reach and obtain new customers."
About Gold Coast Bank
Headquartered in Islandia with additional individual branches located in Huntington, Setauket, Farmingdale and Mineola, Gold Coast Bank is a New York State chartered bank whose popularity and sterling reputation stems from the strong, long-term relationships it has cultivated among its large and diverse customer base. A member of the Federal Deposit Insurance Corporation (FDIC) and one of Long Island's financially strongest de novo banks, Gold Coast Bank has more than $190 million in assets and prides itself on providing businesses and individuals with quality lending and banking services. Fulfilling a unique niche within the Long Island commercial banking sector, Gold Coast Bank delivers specialty lending capabilities in a variety of areas that include real estate, equipment finance, and lines of credit for privately owned businesses. For more information about Gold Coast Bank, please visit www.gcbny.com.
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